In proximity to a casino and entertainment complex situated in Parañaque City, Vance Joshua Tamayo, a 23-year-old Filipino individual who self-proclaims the title of "crypto king," found himself in custody on September 13, 2023.
Utilizing his self-proclaimed cryptocurrency expertise, Tamayo allegedly enticed victims with enticing assurances of substantial returns from their cryptocurrency investments.
Tamayo promoted his enterprise, Crypto King Inc., extensively across various social media platforms. On these platforms, he shared testimonials, profit claims, and videos showcasing his extravagant lifestyle.
He stands accused of orchestrating a cryptocurrency scheme that allegedly defrauded numerous victims of no less than PHP100 million. Tamayo and his partner, Roggie Marl Gumangan, were taken into custody by the Criminal Investigation and Detection Group (CIDG).
In a text message, Maj. Gen. Romeo Caramat Jr. reported that their National Capital Region field office conducted an entrapment operation targeting Tamayo, following a complaint filed by a businesswoman from Makati City.
To Tamayo's scheme, there is an individual who invested ₱50 million and a woman who alleges losing ₱11 million among at least ten victims who have come forward, collectively reporting losses exceeding ₱100 million.
Tamayo and Gumangan are currently detained due to suspicions of involvement in a large-scale estafa.